Unmanned Aerial Vehicle Market Worth $45.68 billion by 2027- Exclusive Report by Meticulous Research®

London, April 22, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Unmanned Aerial Vehicle (UAV) Market by Component (Hardware, Software), Class (Mini UAVs, Micro UAVs), End User (Military, Commercial, Agriculture), Type (Fixed Wing, Rotary-Wing UAVs), Capacity, and Mode of Operation– Global Forecast to 2027” the unmanned aerial vehicle market is expected to grow at a CAGR of 11.06% from 2019 to 2027 to reach $45.68 billion by 2027. Also, in terms of volume, the market is expected to grow at a CAGR of 16.58% from 2019 to 2027 to reach 23.83 million units by 2027.

Unmanned Aerial Vehicles (UAVs) or drones are aircrafts which can be operated remotely by a pilot or by pre-programmed schedules or automation systems, allowing it to fly autonomously. A wide range of industries and organizations including military, government, and industrial and recreational users, deploy this technology across the globe. As the drone technology advances, these aircrafts are expected to become more popular and affordable. Rising adoption of UAVs in civil and commercial applications, increasing deployment of UAV in border patrolling and combating terrorism, and regulations by the federal aviation administration (FAA) to permit the use of UAVs in several industries are the key factors driving the growth of the unmanned aerial vehicle (UAV) market. However, the restrictions imposed on the commercial use of UAVs in various countries are anticipated to obstruct the growth of this market to some extent.

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Impact of COVID-19 on the Global Unmanned Aerial Vehicles Market

COVID-19 has adversely affected all walks of life, resulting in countrywide lockdowns and slowing down of economies. Under this scenario, multiple facets of life have been affected ranging from consumer products to industrial activities. In these circumstances where human activities have been limited and restricted due to the epidemic outbreak, UAV or drones have emerged as a major utility product. UAVs have come to the rescue of humans by carrying out a multitude of activities ranging from daily chores to healthcare critical applications. Some of the critical applications where drones are being deployed by humans to tackle the COVID-19 impact include:

• Drones are being regularly deployed to disinfect lanes, facilities or buildings
• UAVs are being used to deliver food, parcels in a situation where human movement is not possible
• Drones are being used by local police authorities to generate awareness and monitor people movement
• UAVs are being used to carry out thermal imaging of people by healthcare authorities to contain the spread of coronavirus

It is predicted that the UAV market growth would be somewhat staggered during 2020 owing to a limited military spending by countries, globally, but the commercial and civil applications would continue to generate new revenue prospects for the global unmanned aerial vehicles market amidst the COVID-19 epidemic.

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The global unmanned aerial vehicle market is mainly segmented on the basis of component (UAV hardware, UAV software); class (small UAVs, strategic & tactical UAVs, special-purpose UAVs); type (fixed-wing UAVs, fixed-wing VTOL UAVs, rotary-wing UAVs); capacity (<25 Kilograms,25-170 Kilograms, >170 Kilograms); mode of operation (remotely operated UAVs, semi-autonomous UAVs, fully autonomous UAVs); and end user (military, commercial, law enforcement, agriculture, energy & power, construction & mining, media & entertainment, wildlife & forestry, insurance). The study also evaluates industry competitors and analyses the market at a country level.

Based on component, the UAV hardware segment emerged as the largest shareholder during the forecast period. The large share of this segment is mainly attributed to the growing need for replacement, upgradation, and modification in the drone hardware components to increase the lifespan and performance of UAVs as well as to gain competitive advantage. However, advancements in drone software technology and increasing demand for better data analysis will result in the software segment emerging as the fastest growing segment during the forecast period.

Based on the mode of operation, the remotely operated UAV segment is estimated to account for the largest share of the overall unmanned aerial vehicle market in 2020. However, the fully autonomous UAV segment is projected to grow at the fastest CAGR during the forecast period. The growth of this segment is attributed to the rising demand for fully autonomous UAV due to its well-developed features such as stability enhancement and waypoint flight. In addition, a fully autonomous UAV can perform all functions on its own, without any external operator command being provided.

Based on the type, the rotary-wing UAV segment is estimated to hold the largest share of the overall unmanned aerial vehicle market in 2020. The large share of this segment is mainly attributed to its greater maneuverability and compact design, easy to use nature, higher payload capacity, and comparatively lower price than the other types of drones. Besides, these drones require less aerial space and can hover mid-flight.

Geographically, North America commanded the largest share of the global UAV market in 2019. The large share of this region is primarily attributed to the presence of major UAV manufacturing companies and their focus on developing advanced UAV technology, along with an increasing funding by government for UAV advancements. In addition, UAVs are also used for agriculture applications, engineering projects, food delivery services, security purposes, and recreational use in both the U.S. and Canada.

The global unmanned aerial vehicle market is consolidated and dominated by a few major players, namely Elbit Systems Ltd. (Israel), Northrop Grumman Corporation (U.S.), General Atomics (U.S.), AeroVironment, Inc. (U.S.), Lockheed Martin Corporation (U.S.), Israel Aerospace Industries Ltd. (Israel), Parrot S.A.(France), Microdrones GmbH (Germany), PrecisionHawk Inc (U.S.), SZ DJI Technology Co., Ltd (China), 3D Robotics (U.S.), Textron Inc. (U.S.), Boeing (U.S.), Aeronautics (U.S), Saab AB (Sweden), BAE Systems plc (U.K.), Ehang (china), Raytheon Company (U.S.), Turkish Aerospace Industries (Turkey), and Yuneec International (China), among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/unmanned-aerial-vehicle-UAV-market-5086/

Scope of the Report:

UAV Market by Component                        

• UAV Hardware                   
  • UAV Airframes                  
  • UAV Avionics          
    • UAV Flight Control Systems
    • UAV Navigation Systems    
      • UAV GPS/GNSS
      • UAV INS/IMU
      • UAV Sense & Avoid Systems
    • UAV Sensors 
      • Speed Sensors
      • Light Sensors
      • Proximity Sensors
      • Temperature Sensors
      • Position Sensors
    • UAV Communication Systems       
    • Others
  • UAV Propulsion Systems              
    • UAV Engines 
      • Electric Engines
      • Gas Engines
    • UAV Batteries
      • Solar Cells
      • Fuel Cells
      • Hybrid Cells
    • UAV Ground Control Stations                  
    • UAV Launch & Recovery Systems  
• UAV Software          

UAV Market by Class              

• Small UAVs   
  • Mini UAVs
  • Micro UAVs
• Strategic & Tactical UAVs   
• Special-Purpose UAVs        

UAV Market by End-user                  

• Military         
• Commercial  
• Law Enforcement    
• Agriculture    
• Energy & Power       
• Construction & Mining        
• Media & Entertainment      
• Wildlife & Forestry   
• Insurance     

UAV Market by Type               

• Fixed-Wing UAVs     
• Fixed-Wing VTOL UAVs      
• Rotary-Wing UAVs   
  • Single Rotor wing UAVs
  • Multi-Rotor wing UAVs       

UAV Market by Capacity         

• <25 Kilograms        
• 25-170 Kilograms    
• >170 Kilograms                

UAV Market by Mode of Operation              

• Remotely Operated UAVs
• Semi-Autonomous UAVs
• Fully Autonomous UAVs

UAV Market by Geography

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Japan
  • Rest of Asia-Pacific
• Latin America
• The Middle East and Africa

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